Aging Condos Are a ‘Ticking Time Bomb’ and Need More Oversight

Bloomberg, July 6, 2021–Peter Coy
It’s not just condominium buildings that are showing their age, as was the case in the deadly collapse of a condo in Surfside, Fla. The condominium form of ownership itself is under strain. Some condo buildings are even being “de-converted” to rental properties—including the 391-unit 1400 North Lake Shore Dr. in Chicago, which was bought by a New York developer in 2019 for about $107 million.